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Woolley Buys Historic Equitable Building for Office Condo Project

DENVER-A historic building developer pays about $15.3 million for a 108-year-old building that will be converted into office condominiums. Buyers should be able to get space for the same amount of their leases, says developer Charlie Woolley.

By John Rebchook | Updated on October 30, 2000

DENVER-Historic building developer Charlie Woolley is paying about $15.3 million to Mutual of New York Real Estate for the 108-year-old Equitable Building in the heart of the CBD at 17th and Stout streets.

Woolley, who heads St. Charles Town Co., plans to convert the 173,417-s.f building into office condominiums. Woolley believes the structure is the nicest historic office building in the southwest. “You may be able to find a building as nice as this in San Francisco, but maybe not,” Woolley tells GlobeSt.com.

He says office condominium purchases should equate to about the same as leases, but tenants will have the privilege of sharing in appreciation value. The building’s market rate is about $24 per sf. According to Woolley’s calculations, buyers should reap a 50% benefit over a 10-year period through their ownerships.

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